WASHINGTON -- Allbritton Communications Co. said Thursday it will acquire ownership of television stations KATV Little Rock, Ark. and KTUL-TV Tulsa, Okla. for more than $80 million cash.
A statement issued by the Washington, D.C.-based communications firm said the stations will be acquired 'from their long time owner and operator Leake TV, Inc. (of Muskogee, Okla.) under a letter of understanding signed by the two parties this week.
'The purchase price for the two television properties will be in excess of $80 million cash,' the statement said. 'The letter of understanding signed this week by representatives of the two firms provides a 45-day period for the completion of a binding sales contract.
KATV and KTUL-TV are ABC affiliate stations and 'each is the leading commercial television station in its market,' the statement said.
Little Rock is the nation's 54th largest television market; Tulsa is 57th.
The two acquisitions increases to five the number of VHF stations owned by Allbritton, the maximum number of VHF television stations that may be owned by a single firm under federal regulations.
Allbritton also owns WJLA-TV, Washington, D.C.; WCIV, Charleston, S.C.; WSET-TV, Lynchburg, Va. and several newspapers including the Paterson (N.J.) News and the Trenton (N.J.) Times.
He also is the former owner of the defunct Washington Star.